Adani surpasses Bezos as the second richest person in the world

Gautam Adani, the indian tycoon has risen in the wealth ranking at breakneck speed this year, surpassed Jeff Bezos and became the second richest person in the world.

Adam, who began the year as No. 14 on the Bloomberg Billionaires Index, now THe has a fortune of US$146.9 billion, second only to Elon Musk’s US$260 billion. Shares in its flagship company, Adani Enterprises Ltd., hit a record high this week, and some of its group companies have rallied more than 1,000% since 2020.

Bezos’ net worth dropped to $145.8 billion at 10:38 a.m. local time in New York, as a new tech sell-off once again hit the fortunes of the wealthiest Americans. The change in wealth rankings could be fleeting and depends heavily on shares of Amazon.com Inc., which are down more than 26% this year.

The richest in the US lost US $ 93,000 million due to the rise in inflation

Adani overtook India’s Mukesh Ambani for the first time as the richest Asian person in February, he became a centibillionaire in April and overtook Bill Gates and France’s Bernard Arnault in the past two months. It’s the first time anyone from Asia has appeared so high in the top rungs of the wealth index, which has been dominated by American tech entrepreneurs.

The country’s largest private sector port and airport operators, urban gas distributor and coal mining are part of the adani empirethat also aspires to become the largest producer of renewable energy in the world. Last year, promised to invest US$70 billion in green energy, a turnaround that has been criticized by some as greenwashing given that much of the group’s revenue still comes from fossil fuels.

Indian Gautam Adani is the third richest person in the world behind Musk and Bezos

The drive toward renewable energy and infrastructure has earned Adani investments from firms such as Warburg Pincus Y Total Energies SE, which helped boost the shares of his companies and his personal fortune. This year, he added around US$70 billion to his wealth.

The rapid expansion of the Adani conglomerate led CreditSights, a unit of Fitch Group, to describe some of the companies’ leverage as “high” in a September report.. The group has said its companies have reduced debt levels in recent years.

The scrutiny adds to already existing concerns about opaque shareholder structures and a lack of analyst coverage. Some Adani Group companies have traded at 700 times earnings, far outpacing firms like Tesla Inc. and Amazon, whose valuations have been closer to 100 times.

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Adani surpasses Bezos as the second richest person in the world